I’m a recent JD/MBA graduate that was offered (1) a position with a 100-300m AUM VC firm, and (2) a position with a top law firm in a niche that I find very interesting and is extremely in demand right now, and with a group of ppl that I enjoy working with. The VC position would be lower cash base, little to no chance of carry, and it’s pretty much a 3-year contract where partnership path seems unlikely and the role will mostly be focused on sourcing.

Which path should I pursue and why?

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Law firm. VC is a crapshoot. Very few people stay in it long-term. If it were PE, I might say something different but VC is not a career move I would make until after I'd paid down debt and built a respectable skillset. VC can be a second career. Take the Law opportunity and work w VCs if you want.

With law, the sooner you start, the better. Lost years of experience only delay the benefits and I'm sure w COVID, it's an interesting time to get experience. Lucky for you, you have the MBA too and can more easily switch to an investing role when you're overworked/need a break from Law. You won't be fighting with everyone else to get an in-house position and if you are, you'll be better equipped w the MBA anyway.

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Also, I don't know about you, but during my MBA a bunch of people came in wanting to do VC, interned and changed directions immediately. Said it was hocus pocus. The majority of VCs are running around yelling people how to run businesses and they've never run a business themselves. They're incentivized to make it seem like they know what's going on cause that's how they make money.

VC pay is pretty fixed and the success is rare. With little carry, even if you do make it big, you won't benefit.

Don't do it. PE would be worth the investment with the right firm/opportunity for carry. Not VC.

If you want good training in finance, go to banking for a yr or two. Then switch to law. You'll be better equipped to handle deal economics/negotiations.

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JD/MBA here that does startup/VC legal work - I think it really depends on what you want out of your career. Do you want to launch your own startup someday? Are you optimizing for lifetime earnings? Are you risk averse and want to make a guaranteed amount? Do you want to provide strategic advice or legal advice? Do you want to spend your time understanding how to become a better VC or a better lawyer? Hard to give a strong rec without more context.

FWIW, I chose law firm b/c I could learn a lot more about high-profile venture-backed startups much faster than if I went the VC/startup route given my non-business non-startup background, especially since I was able to sit in on a ton of board meetings, and the comp was high which meant more financial flexibility and freedom if I wanted to pivot to something else later or start my own company. But can see how that might not be the right choice for everyone, depending on their goals.

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Law firm

Path to partnership on VCs is near impossible, and when it isn’t it takes years with zero guarantee.

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Only you can answer that question

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